Moody's gives Walgreen program Prime-1

Moody's Investors Service said it assigned a Prime-1 short-term rating to the new $1.2 billion commercial paper program of Walgreen Co.

Moody's noted that the company is arranging the new 4(2) program to replace the existing $200 million 3(a)3 program, adding that the new program will be backed up by a $600 million five-year bank facility and a $600 million 364-day bank facility.

Together with excess cash, proceeds from the upsized program will be used to finance the purchase of Option Care, Inc., the agency said.

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